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Iran hopes Total to continue co-op with Iran despite US withdrawal from nuke deal

Business Materials 10 May 2018 15:29 (UTC +04:00)
Iran hasn’t received any signal from the French energy giant Total about pulling out from cooperation with Iran after the US decision to withdraw from the nuclear deal, Mohammad Meshkinfam, head of Pars Oil and Gas Company (POGC), said.
Iran hopes Total to continue co-op with Iran despite US withdrawal from nuke deal

Tehran, Iran, May 10

By Kamyar Eghbalnejad - Trend:

Iran hasn’t received any signal from the French energy giant Total about pulling out from cooperation with Iran after the US decision to withdraw from the nuclear deal, Mohammad Meshkinfam, head of Pars Oil and Gas Company (POGC), said.

Iran has so far received no official messages from Total on cutting cooperation for development of South Pars Phase 11, Meshkinfam said at a press conference, held May 9 in Tehran.

The comment comes one day after the US President Donald Trump announced that the US walks away from the accord reached in 2015 between Tehran and the six world powers. Trump also announced that the US re-imposes the "highest level of economic sanctions" on the Islamic Republic.

‎"Our relations with Total are based on the contract and mutual respect and I don’t think we will ‎have any problem in this regard," Meshkinfam added.

He further said that the French company continues its cooperation under the contract with National Iranian Oil Company (NIOC) last July.

Recently Total experts have held a meeting with Iranian side and discussed details of the project, he said, adding that this shows Total’s determination to move ahead with the project.

The French company’s deal with Iran was the first major Western energy investment in the Islamic Republic since sanctions related to Iran’s nuclear power program were lifted in 2016.

The project will have a production capacity of 56 million cubic meters of gas per day. The produced gas will be supplied to the Iranian domestic market starting in 2021.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent and Petropars, a subsidiary of National Iranian Oil Co., with 19.9 percent.

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